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I just got my renewal on my house in Wilmington and my rate is up 30% over last year for the same coverage. I am with Farm Bureau, my agentsays this is industry wide, no one wants to write coverage in coastal areas now. Anyone else seeing this kind of increase?
Yep; I have Farm Bureau as well, and it went up about 30% last October on renewal. (I'm outside of Charleston, SC) I imagine even if we don't have a hurricane this year, it will go up even more this year, if they renew me at all. They dropped 1800 folks in my area last year pretty randomly; Luckily, I wasn't one of them but a few neighbors were.
At this point, I'm feel lucky I can even buy semi affordable insurance. If we have another hurricane that does any sizable amount of damage, that won't be the case.
Yep, I'm with allstate. went up 25% last year and about the same again this year. My agent told me that I was 'lucky', I didn't care to ask why. Looking into it, there doesn't seem to be many options, unless you are willing to pay off the house and go bare. I have heard that owners of beachfront in Fla are having to do just that. Maybe when our legislators are finished with investigating ticket scalping at Hanna Montana concerts and other important national business they can do something about it.
I did ask if I could geta policy that would just cover only fire, which is my main concern. They said that i could but it would be even more expensive????
I just got my new bill for this year and my Nationwide HO went up 16%. The bad part is I live in Wilson Co., but they say I am east of the 95 corridor.
I believe that FEMA reclassified alot of the coastal areas that were once "not in a threat zone" but are now under
the classification as "threatened"....hence the insurance industry is having to pass on the additional premium for
coverage....I am in a 6 unit condo ...waterfront on the ICW "mainland side" and we had a 15% increase but not
as bad as those on the "island" of OIB...I guess that we gotta pay to play !!!!!!
Allstate and Nationwide Dropped a ton of policies last year in SC. State Farm is offering the best rates, but most of the time you have to be a current policy holder for them to offer a policy in a coastal area.
I am near Beaufort NC and Farm Bureau went up about 30% but the damn wind policy went up just shy of 40%! I have $1,000 deductable on each policy and may have to increase this in order to afford the rates......
The Insurance companies are probably trying to make up for their losses in the investment market and not their losses due to storms!
I believe the total for 2007 (renewed around 7/1) was a bit less then that. We raised the deductable on the W&H to 1K IIRC. The origianal W&H at the timn of closing was under $700. It has increased for the 06 andm 07 renewals. I don't know what it will be for 08. This policy comes from a NC State reinsurance agency. The main HO is with Nationwide and is fairly cheap due to the exclusions.
For accurate, current info I would suggest contacting an agent in the ILM area. Some carriers will not write new policies. We have all of our coverage with Nationwide including a previous coastal second home so they were willing to continue coverage for us. I know folks who've had policies which were not renewed by some carriers. It is all a real mess and even worse in Fla (as I am told).
My policy here in Manteo is up about $300.00 over last year. I am now paying $2,200.00 and I don't have a flood policy. Speaking to an adjuster who focuses his attention on Coastal areas in Fl and NC he told me get ready there will be much bigger increases in the future.
We sold our mobile home 2 years ago at Holden Beach and the insurance was more than our 2200 sqft home 200 miles inland. When we bought the 2 lots and home, at the closing we were informed of flood insurance. The owners were not told that FEMA had redrew the flood areas.. Just so happened we were in a 100year flood area and the high water mark would have been just short of our front steps. Needless to say, a simple 60 X 15 mobile home cost $900.00 per year and I can believe by now it;s over the 1m mark. I once wanted to retire at the cost and enjoy the fishing, maybe I need to retire on a striper lake
My property insurance went up 27% since last March. But my flood insurance didn't move...yet. Even the excess flood that I carry did'nt move. And my policy has a 2% Wind and Hail exclusion.
Guess I'm somehow still helping to pay for Katrina?
Sad, but the next a cane hits in another state, I'll now have to keep my previously planned Disaster Relief donation in my pocket.
__________________ Dog Tired
I'm for a government that is by the people and for the people!
Sure is not going down. Windpool coverage in SC is also high.
OH YEA, we were canceled by State Farm as of mid March and had to go into the SC wind pool for coverage on our Isle of Palms house, insurance more than TRIPPLED
__________________ 210 CC Sea Pro
Yamaha 200 4 Stroke
Dodge Ram 1500 4x4 HEMI
Well, looks we are all in the same boat. I raised my deductable to 2500 (5000 for wind), I actually wanted to raise it to 10K, but they would not let me. Doing that actually made my premium a little lower than last year. I built my house myself and it is paid for, If we continue to see this kind of increase, I may self insure going forward.
Coastal Homeowners Insurance rates going up? 
